Prospective
61Assessment of financial sustainability of service providerE+W
(1)Where this section applies to a service provider, the Welsh Ministers must assess the financial sustainability of the service provider's business of carrying on regulated services.
(2)An assessment of the financial sustainability of the service provider's business under subsection (1) must include consideration of its corporate governance.
(3)Where the Welsh Ministers, in light of an assessment under subsection (1), think that there is a significant risk to the financial sustainability of the service provider's business, the Welsh Ministers may—
(a)require the service provider to develop a plan for how to mitigate or eliminate the risk, and
(b)arrange for, or require the service provider to arrange for, a person with appropriate professional expertise to carry out an independent review of the business.
(4)Where the Welsh Ministers impose a requirement on a service provider under subsection (3)(a), they may also require the service provider—
(a)to co-operate with them in developing the plan, and
(b)to obtain their approval of the finalised plan.
(5)Where the Welsh Ministers arrange for a review under subsection (3)(b), they may recover from the service provider such costs as they incur in connection with the arrangements (including such of their administrative costs in making the arrangements as they think it appropriate to recover).
(6)The Welsh Ministers may by regulations make provision for enabling them to obtain from such persons as they think appropriate information which they believe will assist them to assess the financial sustainability of a service provider to which this section applies.
(7)Before making regulations under subsection (6) the Welsh Ministers must consult any persons they think appropriate.
(8)But the requirement to consult does not apply to regulations which—
(a)amend other regulations made under that subsection, and
(b)do not, in the opinion of the Welsh Ministers, effect any substantial change in the provision made by the regulations to be amended.
(9)The Welsh Ministers may by regulations make provision about the making of the assessments required by subsection (1).